Testimony of Joshua Rosner: Subcommittee on Capital markets and Government Sponsored Enterprises: Fannie Mae and Freddie Mac:

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Testimony of Joshua Rosner: Subcommittee on Capital markets and Government Sponsored Enterprises: Fannie Mae and Freddie Mac

Testimony of Joshua Rosner: Subcommittee on Capital markets and Government Sponsored Enterprises: Fannie Mae and Freddie Mac

Testimony of Joshua Rosner

Subcommittee on Capital markets and Government Sponsored Enterprises:
Fannie Mae and Freddie Mac: How Government Housing Policy Failed
Homeowners and Taxpayers and Led to the Financial Crisis:

10:00 a.m. March 6, 2012

Room 2128 Rayburn House Office Building

As you will see in my testimony, the GSEs, which were originally government agencies intended to provide liquidity to the secondary mortgage market, were repurposed by the Clinton administration to direct social policy through the housing and mortgage markets. The combination of using the GSEs as “tools”2 of social policy and falling interest rates built the foundation of the housing bubble by supporting acceptance of low-­? and no-­?down payment loans, lower FICO scores, higher debt-­?to-­? income and loan-­?to-­?value ratios. These “benefits” are exemplified by the 1999 comments of Fannie Mae’s Chairman that “a record of prompt utility bill and rent payments can be substituted for the traditional credit report to verify a potential borrower’s willingness to pay a mortgage loan”.3

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One Response to “Testimony of Joshua Rosner: Subcommittee on Capital markets and Government Sponsored Enterprises: Fannie Mae and Freddie Mac”

  1. Sarah says:

    This guy is a broken record, and a total false prophet (if religious sounding metaphors work for you). Why a Bankster like Rosner is allowed to testify is revealing of how thoroughly corrupt DC is. Why not send a copy of his poorly written excuse/book to Congress and stay the heck away. I don’t recall voting for this fool. Posner is a destructive wordsmith, his screed blames “social policy” or some richly embellished definition of cultural hysteria. It would be karma if Rosner was on the street, with no where to live. It’s more in our face grandstanding, why not invite a homeowner to testify? Oh no, couldn’t do that, our illegitimate representation wouldn’t stand for it.

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